Shares of Revolution Medicines Inc (NASDAQ:RVMD) are trading higher on Thursday as a wave of Wall Street firms issued price target increases following the commercial rollout of the company’s first-in-class oncology therapy.
Revolution Medicines stock is gaining positive traction. What’s pushing RVMD stock higher?
RVMD Stock Extends Gains On Regulatory Breakthrough
The primary catalyst driving price action Thursday is the U.S. Food and Drug Administration’s approval on Wednesday of Rasonque (daraxonrasib) for adults with metastatic pancreatic ductal adenocarcinoma who received prior systemic therapy or cannot receive multiagent chemotherapy. Rasonque becomes the first approved targeted therapy from a new class of broad RAS-selective inhibitors.
The regulatory approval was backed by pivotal Phase 3 RASolute 302 trial data showing Rasonque slashed the risk of death by 60% compared to standard chemotherapy, nearly doubling median overall survival (13.2 months vs. 6.7 months).
